Congratulations! That’s great. FWIW, we’ve had great success using our HELOC to manage our daughters’ tuitions. We looked at the terms, considered worst case scenarios, and they were not catastrophic. We’ve been using it as more of a cash flow vehicle and have been paying each year off within about a year just from our regular income, but if we hadn’t been able to a few years after graduation wouldn’t have been the end of the world.
Also, when I was initially running the numbers on this, I had a “duh” moment about the paying it back. I forgot for a little while that once my kids graduated I wouldn’t have the actual monthly tuition to pay, and therefore would have all of that money to put towards any borrowed HELOC balance. Considering I do spreadsheets with financial projections for a living that’s when I knew it was time to step away from the computer for a while. 